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Global Stock Markets Hit Five-Year Highs

Stock markets around the world reached five-year highs. In other words, they are back to where they were before the terrible recession. The difference between now and 2007 is that the world was in an economic expansion then. The same can hardly be said now, with Europe back in recession, along with Japan, probably, and the United States and China facing slowing expansion of their gross domestic products.

The Nikkei stock average soared 3.7 percent and the MSCI global index, which tracks stocks in 45 countries, rose 0.3 percent, both the highest since June 2008.

European equities also nudged up as trading gathered momentum, bolstered by a crop of better than expected corporate earnings and with the German DAX index closing in on its own record high of 8,151,57 set back in 2007.

Monday’s comments from (ECB President Mario) Draghi that the ECB would cut…